BioFire, which has about 500 employees and is projected to have $70 million in revenue this year, will remain at the company's offices in the University of Utah's Research Park after the acquisition closes by the end of the year or early next year.

That means the Utah company expects its rapid growth to continue and even accelerate, he said.

ARTICLE PHOTO GALLERY

The French company is headquartered in Marcy l'Etoile near Lyon. It has more than $2 billion in annual revenue, with 7,500 employees worldwide.

"It is considered one of the top two or three [companies] in our space," said Rasmussen.

BioFire Diagnostics was founded in 1990 by Rasumussen, Board Chairman Carl Wittwer and CEO Kirk Kirie. The company was started in 1990 as Idaho Technology with offices in Idaho Falls and Salt Lake City before it was consolidated in Utah in 1999. Last year, it changed its named to BioFire Diagnostics.

"We're basically a spinout of the University of Utah," Rasmussen said.

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